This morning, a columnist in the Boston Globe offered an opinion entitled, Four hard truths about housing. Assuming the conversation is open to crowdsourcing, readers are invited to elaborate on (or debate) a 5th hard truth:

Some in the residential brokerage industry exhibit behavior, that in aggregate, has cartel-like implications, including:

3. Sensationalizing bidding wars so they become self-perpetuating, creating a frenzied housing market driven by fear rather than prudent decision making; and

4. Hyping “low inventory” while simultaneously limiting supply by hiding inventory through a practice known as pocket listings, or the new more alluring name — “whisper listings.” Bottom line, same as designated agency — collect both sides of the commission, a practice know as “double dipping.”

What impact do these self-serving practices have on individual transactions, household budgets, the advice given to “clients,” and the common good? Runaway bidding wars in Cambridge during 4Q2013 raise those questions and more. There one in five homes sold for $50K or more over asking price; similarly more than one in five bidding wars saw prices soar 10% or more over asking price through a BLIND bidding process.

In an era of transparency where ingredients are routinely listed on grocery products, can we at least agree that homebuyers should make informed offers and know the truth about competing bids, including whether they are from straw bidders or phantom buyers?

In the spirit of innovation that characterizes both the academic and start-up community, hope others realize they it would NOT be difficult to begin doing something about this 5th hard truth. Let’s start sooner — even before the Spring housing market — rather than later, and invite stakeholders to consider Cambridge as a case study / learning lab for corrective action and a new open, transparent real estate eco-system.